Project Management Terms Accept

Fixed price contract (FPC) - A fixed price contract pays an agreed-upon fee and does not incorporate other variables, such as time and cost.

Fixed units - A task in which the number of resources used is fixed.

Fixed work - A task in which the amount of effort required is fixed.

Float - A measure of the schedule flexibility involving a particular task.

Flowchart - A diagram that lays out the complete sequence of steps in a process or procedure.

Focused improvement - An improvement strategy based on the theory of constraints. Attention is focused on addressing one limiting factor — called a constraint — at a time in order to optimize a system. Each constraint is improved until it no longer limits the system’s performance.

Fordism - Fordism, named for Henry Ford, is a manufacturing system in which mass-produced goods are priced affordably enough that those producing them may reasonably buy them with their own wages.

Forecast - A prediction or estimation of future project status based on available information.